The Oscars’ accounting firm, PwC, has just released a statement taking the blame for the error that led to “La La Land” being incorrectly named the Best Picture. The producers of “La La Land” had to hand over the Best Picture Oscar to the team behind “Moonlight” (pictured) — the film that truly won Best Picture.

Warren Beatty, who incorrectly announced “La La Land” as the Best Picture winner with his “Bonnie and Clyde” co-star, Faye Dunaway, explained after “Moonlight” was named as the real winner that they had been given an envelope containing the name of “La La Land” star Emma Stone, the winner for Best Actress.

They misunderstood it to mean “La La Land” had won. But it was unclear why they would have been given the wrong envelope.

We sincerely apologize to Moonlight, La La Land, Warren Beatty, Faye Dunaway, and Oscar viewers for the error that was made during the award announcement for Best Picture. The presenters had mistakenly been given the wrong category envelope and when discovered, was immediately corrected. We are currently investigating how this could have happened, and deeply regret that this occurred.

We appreciate the grace with which the nominees, the Academy, ABC, and Jimmy Kimmel handled the situation.

Re-watch the entire incident here:

Oscars: Stars' Reactions to 'Moonlight' Best Picture Win Are The Best (Photos)

No one was prepared tonight for what may have been the biggest on-stage mistake in the history of the Oscars, when "Moonlight" took home the award for Best Picture -- only after it was first mistakenly given to "La La Land." Here are the best reactions from the stars at the Oscars.

Viola DavisHolding her own Oscar in hand, Davis is clearly thrilled for everyone involved with "Moonlight" -- as is her husband, Julius Tennon.

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Meryl StreepMore than anyone, Streep was absolutely floored by the Oscar stage Best Picture flub.

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Charlize TheronFuriosa approves.

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Taraji P. HensonHenson was filming the moment on her phone, but couldn't wipe the shocked look off her face as "Moonlight" won.

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Nicole KidmanBoth Kidman and Keith Urban were ecstatic to hear the "Moonlight" news.

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Denzel WashingtonWashington's face conveyed nothing but pride as the "Moonlight" cast and crew took the Oscar stage.

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Busy PhilippsIt's possible Philipps could be more thrilled at "Moonlight" taking Best Picture, but it sure doesn't look like it.

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Janelle MonaeFrom the Oscar stage, Monae celebrated the "Moonlight" win, putting into action the feelings of a huge number of people across the Internet.

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Matt DamonDamon broke out the two-finger dad whistle to share his approval of the "Moonlight" win.

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Octavia SpencerSpencer beamed over the "Moonlight" win, adding her applause.

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Dwayne "The Rock" JohnsonThe Rock is all smiles as the Best Picture announcement goes out.

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Samuel L. JacksonThe angle was a bit obscured, but Jackson took a photo with his phone of the amazing Best Picture moment, and then appeared to wipe away a tear.

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Shock, disbelief, tears and laughter as Barry Jenkins’ drama lands Best Picture Oscar after it was mistakenly given to “La La Land”

No one was prepared tonight for what may have been the biggest on-stage mistake in the history of the Oscars, when "Moonlight" took home the award for Best Picture -- only after it was first mistakenly given to "La La Land." Here are the best reactions from the stars at the Oscars.